Sumitomo Corporation closes financing for solar project

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Sumitomo Corporation closes financing for solar project

Sumitomo Corporation has closed financing for a solar power project in the Migita/Ebi and Mano districts of the city of Minamisoma in Fukushima Prefecture via Solar Power Minamisoma-Kashima Co., Ltd. (SPC).

A group of financial institutions assembled by Mizuho Bank, Ltd. as the arranger will provide SPC with financing, while Toshiba Corporation and Taisei Corporation will be responsible for EPC (Engineering, Procurement and Construction).

Expected to cost about JPY22 billion (US$ 200 million) in total, the project will entail erecting a mega-solar power facility with a generation capacity of 59.9MW as well as related facilities on a plot of land belonging to Minamisoma (approximately 110 hectares) affected by the Great East Japan Earthquake. Construction is already underway as of May 2016, and commercial operation is expected to begin in March 2018. 

In October 2012 Minamisoma formulated the “Minamisoma Renewable Energy Promotion Vision” with the goal of having renewable energy provide for nearly 100% of the city’s power consumption in 2030. The Minamisoma solar project  is one important effort toward achieving this aim.

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